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CIPS L4M3 exam, also known as the CIPS Commercial Contracting exam, is an essential qualification for procurement professionals who want to develop their skills in commercial contracting. L4M3 Exam is designed to equip candidates with the knowledge and skills required to manage commercial contracts effectively, from the tender process through to contract completion.

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CIPS Commercial Contracting Sample Questions (Q168-Q173):

NEW QUESTION # 168
Which of the following is a true statement on express and implied terms?

Answer: D

Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from day one of the contract. The express terms and any implied terms together create the legally binding obligations on the parties.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1


NEW QUESTION # 169
A Key Performance Indicator (KPI) states "Measure the effort exerted by the project team to control costs throughout the contract duration." Is this KPI appropriate for measuring the management of contract costs?

Answer: D

Explanation:
Effective KPIs must be SMART: specific, measurable, achievable, relevant, and time-bound. "Effort exerted" is vague and not objectively measurable, making the KPI unsuitable. A better KPI would involve actual cost data or variance against a defined budget.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 4, Section 4.3.1 - Characteristics of effective KPIs.


NEW QUESTION # 170
Various terms are used to qualify a party's obligations under contract. Which of the following gives absolute obligation?

Answer: A

Explanation:
"Shall" denotes a mandatory requirement in contract language and implies absolute obligation. Unlike
"reasonable endeavours" or "best endeavours", which indicate a duty to try, "shall" creates a strict, enforceable duty to perform the task specified.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.2 - Clauses defining performance obligations.


NEW QUESTION # 171
Maximum Score 1
A purchase order has been raised for £5,000. It allows the user department to order items of a £50 value when they need them. This is an example of what type of order?

Answer: B

Explanation:
A call-off order is raised against an existing agreement or blanket order that sets an overall value limit (£5,000 in this case). Users can "call off" small quantities or values (£50 each time) when required.
Reference: CIPS L4M3 Commercial Contracting - "Framework agreements and call-off contracts."


NEW QUESTION # 172
The pricing arrangement in which markup is added into cost base to calculate the final price is known as...?

Answer: B

Explanation:
The market approach is a method of determining the value of an asset based on the selling price of similar assets.
A fixed-price strategy means you set a price and keep it constant for an extended period of time.
Cost-plus pricing is also known as markup pricing. It's a pricing method where a fixed percentage is added on top of the cost to produce A price index (PI) is a measure of how prices change over a period of time, or in other words, it is a way to measure inflation. There are multiple methods on how to calculate inflation (or deflation).
Reference:
LO 3, AC 3.3


NEW QUESTION # 173
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